Press Release:
The Genesee County Economic Development Center (GCEDC) Board of Directors approved a final resolution for HP Hood’s $120 million proposed expansion project at its meeting on Thursday, March 7.
The 32,500 sq. ft. expansion project pledges to create 48 new jobs while retaining 455 FTEs adding to 1,000+ professionals in the food processing industry and cluster with over 1.2 million sq. ft. of food and beverage facilities at the Genesee Valley Agri-Business Park.
“The dairy hub of the northeast at the Genesee Valley Agribusiness Park has built itself upon the qualities of our workforce, our dedicated farming families, and our strategic location close to major consumers,” said GCEDC President and CEO Steve Hyde.
“The economic infrastructure generated by shovel-ready sites and workforce development programs has set up HP Hood and our robust food and beverage industry for sustained success.”
HP Hood’s expansion accommodates its automatic storage and retrieval system (ASRS) refrigerated warehouse. The project will also include new batching and processing systems and other upgrades which will allow the company to increase capacity and begin a new production line.
“The addition of another generational investment will result in the Genesee Valley Agri-Business Park delivering more benefits to our community and agricultural sector,” added Hyde.
Genesee County’s shovel-ready sites have been designed and strategically located at key transportation routes with access to population centers across the Northeast and Midwest and infrastructure corridors, including access to low-cost hydropower.
HP Hood’s investment is projected to result in a local economic impact of $49.87 million in wages and tax revenue. The GCEDC approved sales tax exemptions estimated at $4.52 million, a property tax abatement estimated at $549,705 based on an incremental increase in assessed value, and a mortgage tax exemption estimated at $536,000 bringing the value of the proposed financial agreements to approximately $5.6 million. For every $1 of public benefit, HP Hood is investing $16 into the local economy.
